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Resolution 1983-82 (GIDA/City) . . RESOLUTION NO. 83 - 82 A RESOLUTION OF THE CITY OF GILROY APPROVI~G THE ISSUfu~CE OF' TEE INDUSTRIAL DE\~LOP~NT AUTHORITY OF THE CITY OF GILROY INDUSTRIAL DEVELOPMENT REVENUE BONDS, GILROY CANNING CO~WANY, INC. SERIES 1983. vlliEREAS, the California Industrial Development Financing Act, Title 10 of the California Government Code, as supplemented and amended (the "Act"), establishes a procedure for the sale and issuance of revenue bonds or other evidences of indebtedness by the Industrial Development Authority of the City of Gilroy (the "Authority") for the purpose of making loans to finance facilities maintained and operated for industrial purposes; and \~EREAS, the City Council has, by its resolution 83-75, adopted by the City Council on November 7, 1983, given preliminary approval for the issuance of such bonds (the "Bonds") to fund a loan to Gilroy Canning Company, Inc. (the "Company") to finance the acquisition of an existing plant and acquisition of old and new equipment for use as a tomato can- ning plant (the "Facility") to be located at One Lewis Street in the City of Gilroy; and \~lEREAS, pursuant to Section 103(k) of the Internal Revenue Code, as amended (the "Code"), the Bonds are required to be approved, by the elected legislative body or an elected representative of the governmental unit having jurisdiction. over the area in which the Facility is to be located, following a public hearing; and WHEREAS, the City Council of the City of Gilroy, is the elected legislative body of the City of Gilroy (the "City"); and \~EREAS, the Facility is located wholly within. the City of Gilroy; and WHEREAS, with respect to the Bonds, on November 2l, 1983, notice of a public hearing was published in The Gilroy-Morgan Hill Dispatch, which is a newspaper of general circulation in the City. The notice was RESOLUTION NO. 83 - 82 -1- . . designed to apprise residents of the City of the proposed issuance of the Bonds and was published no less than 14 days before the scheduled date of the public hearing. WHEREAS, on December 5, ~83, a public hearing was held in the City Hall, 7351 Rosanna Street, Gilroy, California with respect to the issuance of the Bonds. The hearing was conducted in a manner that provided a rea- sonab1e opportunity for persons with differing views on both the issuance of the Bonds and the location and nature of the Facility to be heard; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Gilroy: 1. After the public hearing following reasonable public notice, this City Council hereby approves the issuance of the Bonds to finance costs of the Facility. This approval is intended to comply with the pro- visions of the Internal Revenue Code of 1954, as amended by Section 215(a) of the Tax Equity and Fiscal Responsibility Act of 1982. 2. This resolution shall take effect immediately upon its passage. The foregoing resolution was duly and regularly introduced and adopted at a regular meeting of the City Council of the City of Gilroy on December 5, 1983, by the following vote, to wit: AYES: NOES: COUNCIL 11EHBERS: ALBERT, GAGE, KLOECKER, MUSSALLEl1, PATE, VALDEZ and HUGEAN COUNCIL ~ffilmERS: None ABSENT: COUNCIL }lliMBERS: None APPROVED: FM(i~ ATTEST: dUAu...J ~~ /. City C1er RESOLUTION NO. 83 - 82 -2- . . ..' ",- I, SUSANNE E. STEINMETZ, City Clerk of the City of Gilroy, do hereby certify that the attached Resolution No. is an original resolution, duly adopted by the Council of the City of Gilroy at a regular meeting of said Council held on the 5th day of December , 19 ~, at which meeting 83-82 a quorum was present. affixed the Official Seal of the City of Gilroy this day of December , 19 ~ IN WITNESS WHEREOF, I have hereunto set my hand and 6th (Seal)